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George Osborne: 'Britain is ready to confront what the future holds'

George Osborne has been seeking to reassure financial markets this morning following Britain's decision to leave the EU.

In a speech at The Treasury, the Chancellor said Britain is "ready to confront what the future holds for us from a position of strength" in his first public reaction to Brexit.

He also told journalists that any decision on an emergency budget would need to be taken by David Cameron's successor.

The UK's credit rating outlook was downgraded from "stable" to "negative" on Saturday in the wake of the referendum.

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The AA: Petrol prices could rise within days

Experts have warned petrol prices could rise soon. Credit: Reuters

Petrol and diesel prices could rise within days due to the plunge in the value of the pound, according to experts.

Brian Madderson, chairman of the Petrol Retailers Association, said a rise of 2.5p per litre would be expected if the US dollar continues to trade at around 1.35 to the pound.

"I would think certainly by early to middle of next week we'll see prices moving upwards", he added.

In a statement issued on Friday, the AA also predicted an increase in prices: "Assuming that current market conditions persist over the next 10-14 days, the price of petrol at some fuel stations might be expected to rise by 2.25p a litre or £1.25 a tank."

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